Selangor govt expects foreign investment in 2022 to hit RM12b
17 Feb 2023
The Selangor government expects foreign investment value in the state last year to reach a total of RM12 billion, exceeding the initial target of RM10 billion.
Selangor Standing Committee on Investment, Trade, Industry and Small and Medium Industries chairman Datuk Teng Chang Khim said this is due to the initial target having already been reached in September last year.
Therefore, he said the committee is studying the total investment data of last year before setting up the investment target for this year.
“This year, we will face many challenges as many economists expect us to enter a ‘cold season’ in economic development but there are those who believe that it is only external, not internal,” he told Bernama after the groundbreaking ceremony of Compass@Kota Seri Langat (Compass@KSL) here today.
He said looking at the geopolitical and economic development situation around the world, there is still uncertainty in interest rates in the United States and if the rate continued to rise, it would certainly cause a burden.
Teng said the Selangor Government saw the economic situation as a challenge and took bold steps through the implementation of the First Selangor Plan (RS-1) to help drive economic development in the state.
He said RS-1 covered three main development projects, namely the Integrated Development Region in South Selangor project, involving two districts namely Kuala Langat and Sepang, the Sabak Bernam Development Area and the Selangor Maritime Gateway.
“However, we have a bit of interruption because in two months, the Selangor State Legislative Assembly will be dissolved and many businesses will not be able to be carried out during the period of dissolution but the state investment agency, Invest Selangor, will continue to operate,” he said.
Earlier, Teng was present to officiate the Compass@KSL, an 89.03-hectare logistics hub with a gross development value of RM1.2 billion which is divided into two parts — the 48.56-hectare Compass Industrial and Logistics Site and 23.88-hectare Compass SME Precint.
Compass Industrial and Logistics Site contain build-to-suit warehouses and manufacturing lots of 130,000 to 500,000 square feet while Compass SME Precint is a site equipped with ready-built factories and warehouses with various sizes ranging from 3,600 to 50,000 square feet.
The project is the result of a joint venture between Permodalan Nasional Bhd through its subsidiary, MIDF Property Bhd and KWEST Sdn Bhd, a wholly-owned subsidiary of Retirement Fund (Incorporated), and AREA Group of Companies to build a green industrial site, which is expected to be completed within three years.